Lawmakers endorse commodity trading ecosystem vision
Various lawmakers said they backed the idea of building a commodity trading ecosystem to consolidate Hong Kong's role as an international trading centre on day one of the three-day Legco debate on the city's first five-year plan and the Policy Address. Commercial sector lawmaker Andrew Yao said the SAR could focus on developing commodity trading in green energy and agricultural products. Yao also…
Lawmakers voiced support for the establishment of a commodity trading ecosystem, aiming to strengthen Hong Kong's position as a global trading hub during the early stages of the city's five-year plan and Policy Address debate. Commercial sector representative Andrew Yao highlighted the potential for expanding commodity trading in green energy and agricultural products, emphasizing the need to expedite the construction of commodity warehouses.
He suggested removing barriers to warehouse land development, including lease restrictions in the Northern Metropolis and areas near the airport, to foster high-standard facilities. Commercial sector lawmaker Tommy Chung proposed lowering the profits tax for physical commodity trading from the standard 16.5 percent to 8.25 percent, extending the benefit to local warehouses and logistics firms.
Industrial sector advocate Ray Wong recommended implementing a 5 percent preferential tax rate for green commodity trading that adheres to emissions reduction standards, drawing inspiration from Singapore's approach. Finance sector representative Ronick Chan endorsed benchmarking Hong Kong against top international gold trading centers, suggesting the government should entice the People's Bank of China, along with central banks from India and Southeast Asian nations, to store their gold reserves in Hong Kong.
This move, he argued, would bolster local physical gold inventory and enhance the city's credibility. Tourism sector representative Vivian Kong advocated for bolstering business tourism, calling for the creation of a unified MICE authority with cross-bureau authority to provide policy support, such as bidding assistance, logistical help, optimized venue arrangements, Greater Bay Area day trips, and cultural and sports programs.
Lastly, Federation of Trade Unions lawmaker Stanley Ng urged the government to prioritize local employment during economic development, urging authorities to publicize annual job creation figures resulting from projects in the Northern Metropolis.
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